William Blair Investment Management LLC Buys New Stake in Ferrari N.V. $RACE

Key Points

• William Blair Investment Management bought 148,087 Ferrari shares worth approximately $55.1 million, giving it a 0.06% stake. Other major institutions, including Vanguard, Amundi and Morgan Stanley, also increased their holdings.
• Ferrari reported quarterly EPS of $2.99, exceeding the $2.83 consensus estimate, while revenue rose 8.4% year over year to $2.21 billion. The company posted a 22.29% net margin and 42.83% return on equity.
• RACE shares opened at $436.38, up 1.9%, and analysts maintain a “Moderate Buy” consensus rating with an average price target of $477.15.

William Blair Investment Management LLC purchased a new stake in Ferrari N.V. (NYSE:RACE - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 148,087 shares of the company's stock, valued at approximately $55,131,000. William Blair Investment Management LLC owned about 0.06% of Ferrari as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RACE. Vanguard Group Inc. lifted its holdings in shares of Ferrari by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 5,213,450 shares of the company's stock valued at $1,937,388,000 after buying an additional 58,506 shares during the period. Amundi grew its holdings in Ferrari by 11.1% during the fourth quarter. Amundi now owns 3,303,264 shares of the company's stock worth $1,220,754,000 after acquiring an additional 330,896 shares during the period. Bank of New York Mellon Corp grew its holdings in Ferrari by 8.4% during the first quarter. Bank of New York Mellon Corp now owns 2,808,855 shares of the company's stock worth $950,657,000 after acquiring an additional 218,830 shares during the period. Morgan Stanley raised its position in Ferrari by 43.4% during the fourth quarter. Morgan Stanley now owns 2,546,564 shares of the company's stock valued at $941,109,000 after acquiring an additional 771,039 shares in the last quarter. Finally, Norges Bank purchased a new position in Ferrari during the fourth quarter valued at approximately $779,894,000.

Ferrari Trading Up 1.9%

RACE stock opened at $436.38 on Friday. The company has a current ratio of 4.85, a quick ratio of 3.70 and a debt-to-equity ratio of 0.86. Ferrari N.V. has a 12-month low of $312.51 and a 12-month high of $504.49. The stock has a market cap of $102.09 billion, a price-to-earnings ratio of 40.51, a PEG ratio of 3.68 and a beta of 0.91. The business's 50-day moving average is $384.67 and its 200 day moving average is $360.22.

Ferrari (NYSE:RACE - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The company reported $2.99 EPS for the quarter, topping the consensus estimate of $2.83 by $0.16. Ferrari had a return on equity of 42.83% and a net margin of 22.29%.The company had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same period in the previous year, the business earned $2.38 EPS. Ferrari's quarterly revenue was up 8.4% on a year-over-year basis. On average, sell-side analysts anticipate that Ferrari N.V. will post 11.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RACE has been the topic of several recent research reports. Needham & Company LLC upgraded Ferrari to a "neutral" rating in a research report on Friday, July 31st. Sanford C. Bernstein lifted their target price on shares of Ferrari from $402.00 to $460.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Citigroup reaffirmed a "neutral" rating on shares of Ferrari in a report on Monday, August 3rd. Wolfe Research began coverage on shares of Ferrari in a research note on Tuesday, July 7th. They issued an "outperform" rating for the company. Finally, Evercore reissued an "outperform" rating and set a $485.00 price target on shares of Ferrari in a report on Friday, July 31st. Three research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Ferrari currently has an average rating of "Moderate Buy" and a consensus price target of $477.15.

Ferrari Company Profile

Ferrari N.V. NYSE: RACE is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company's core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.

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